Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 9.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 251,319 shares of the scientific and technical instruments company's stock after purchasing an additional 21,445 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.13% of Garmin worth $52,061,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Garmin by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company's stock worth $3,726,645,000 after acquiring an additional 215,344 shares during the period. State Street Corp lifted its stake in Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company's stock worth $1,216,819,000 after purchasing an additional 134,303 shares during the last quarter. Geode Capital Management LLC lifted its stake in Garmin by 2.7% during the third quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company's stock worth $765,912,000 after purchasing an additional 112,815 shares during the last quarter. FMR LLC boosted its holdings in shares of Garmin by 40.8% in the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company's stock valued at $664,540,000 after purchasing an additional 1,093,219 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN increased its stake in shares of Garmin by 3.6% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company's stock valued at $246,619,000 after purchasing an additional 48,645 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on GRMN shares. Morgan Stanley raised Garmin to a "sell" rating and raised their price objective for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a report on Thursday, February 20th. Barclays increased their price objective on shares of Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Finally, Tigress Financial boosted their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Garmin currently has a consensus rating of "Hold" and a consensus price target of $210.80.
Check Out Our Latest Report on GRMN
Garmin Stock Performance
Shares of Garmin stock traded up $0.66 on Wednesday, reaching $218.23. 218,777 shares of the company's stock were exchanged, compared to its average volume of 944,064. The company has a market capitalization of $41.99 billion, a P/E ratio of 29.85, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 52 week low of $138.86 and a 52 week high of $246.50. The firm's 50-day moving average is $217.34 and its two-hundred day moving average is $203.59.
Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the firm earned $1.72 earnings per share. Garmin's revenue was up 22.9% on a year-over-year basis. On average, analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.
Garmin Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Friday, March 13th. Garmin's payout ratio is 49.25%.
Insiders Place Their Bets
In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the transaction, the chief executive officer now owns 149,525 shares in the company, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the completion of the transaction, the chief operating officer now directly owns 63,048 shares in the company, valued at $14,321,353.20. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,342 shares of company stock worth $5,486,094. Corporate insiders own 19.54% of the company's stock.
Garmin Profile
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Free Report)
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.
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